本研究分析製造商與零售商對消費者發行折價券的非合作與合作策略。上、下游廠商可以藉由發行折價券來達到三級差別取價的效果,此舉使廠商利潤上升且消費者剩餘下降。製造商與零售商皆對低需求者提供較高的折價券面額。若上、下游廠商採取非合作策略,均衡結果為雙方皆對低需求者發行折價券。合作策略較非合作策略帶來較高的廠商利潤、消費者剩餘與社會總利潤。合作策略可消除雙重邊際化,而帶來最高的廠商利潤與社會剩餘。 This research analyzes the noncooperative and cooperative strategies of manufacturer and retailer coupons. The manufacturer and retailer can achieve the third-degree price discrimination effect by issuing coupons to the low-demanders, making their profits increase and the consumer surplus decrease. Both manufacturer and retailer offer higher coupon values to the low-demanders. If the noncooperative strategies are used to issue coupons, the SPNE result is that both sides will issue coupons. Cooperative strategies to issue coupons bring higher profits, consumer surpluses, and social surpluses than noncooperative coupon strategies. Cooperative strategies can eliminate double marginalization and results in the highest channel profits and social surplus.